Colonial River Wealth Management LLC Has $774,000 Position in Bank of America Co. (NYSE:BAC)

Colonial River Wealth Management LLC cut its holdings in Bank of America Co. (NYSE:BACFree Report) by 33.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,999 shares of the financial services provider’s stock after selling 11,564 shares during the quarter. Colonial River Wealth Management LLC’s holdings in Bank of America were worth $774,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Roundview Capital LLC grew its holdings in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Bank of America by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new position in shares of Bank of America during the 1st quarter worth approximately $586,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.22 during trading on Tuesday, hitting $37.30. 33,961,769 shares of the company were exchanged, compared to its average volume of 40,920,441. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The company has a market capitalization of $294.32 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.75 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The business’s 50 day moving average is $34.80 and its 200-day moving average is $31.51.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the prior year, the firm posted $0.85 earnings per share. The firm’s revenue was down 10.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.1 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.57%. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Get Our Latest Stock Report on BAC

About Bank of America

(Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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